Bank of Ireland did well to get its share placing away just before international stock markets crashed. The bank managed to raise £200 million at the now very attractive price to the bank of 8461/2p per share. The fund-raising was aimed at keeping the bank's equity-to-assets and capital ratios comfortable while it pays out £274 million for the New Ireland life assurance company. It was done and dusted on Tuesday October 14th, just before the wobbles hit international markets.

Bank of Ireland issued 23.5 million rights shares at 8461/2p per share. The issue price was a 5 per cent discount on the market price of 891p just before the placing was announced. The stock was fully taken up on the day the placing was announced.

The issue increased the number of shares in issue by 5 per cent, but if Bank of Ireland had waited until October 28th to raise the funds at the 783p share price another two million shares would have had to be issued. Timing is everything on the market.